May 11, 2016

POSCO to Construct Wire Rod Facility at Port

South Korean steelmaker POSCO will build a wire rod processing center at the Port of Indiana-Jeffersonville this spring. POSCO is South Korea's fourth largest company and the world’s fifth-largest steelmaker.

The $19 million project includes a 136,000-square-foot facility to be constructed on 10 acres at the port. It will be the company's second steel processing line and fourth production line in the U.S. POSCO's key drivers for locating at the port were the ability to ship steel into the Midwest by water, the close proximity to numerous steel and automotive-related companies and the attractive business environment in the Jeffersonville area, company executives say.

"We are very excited about the opportunity to develop our first Midwestern U.S. plant at the Port of Indiana-Jeffersonville," said POSCO AAPC Finance Director Kyu Tae Kim. "It is critical for our business to receive cargo by water and to be centrally located in the U.S. market. Jeffersonville's port location will allow us to connect with global markets and supply our U.S. automotive customers with just-in-time deliveries.”

POSCO’s facility will process steel wire for fasteners, nuts and bolts used in the automotive industry and serve as a distribution center for other POSCO products. POSCO has additional facilities in Houston; Troy, Mich.; and McCalla, Ala.; as well as a joint venture with U.S. Steel, USS-POSCO Industries, in California.

The Port of Indiana-Jeffersonville is home to 28 businesses, including a steel campus of 12 metal processing companies serving the Midwest auto and appliance industries. The port handled over one million tons of steel cargoes in 2015.


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Friday, December 15, 2017